This module introduces you to political economy at an advanced level. It is a core requirement for students in the MA Political Economy courses. This module first presents the major competing paradigms of political economy, such as neo-classical, Marxist, Keynesian/post-Keynesian, Austrian and Institutionalist Political Economy. These paradigms are compared with respect to their analyses of the production process and income distribution, the labour market and unemployment, effective demand and economic growth and the financial sector. The module then discusses models in the recent academic literature of political economy that integrate theories of effective demand and class conflict (post-Keynesian theory, French Regulation Theory, Social Structures of Accumulation, the Bhaduri-Marglin model), covering issues of demand formation, unemployment, capital accumulation, and income distribution. We thus highlight differences and similarities of various political economy approaches. Finally, the module will show how these models are applied in empirical research.
On successful completion of the module, students will be able to:
This module is delivered through workshops comprising a combination of lecture and seminar components. Lecture component of the workshops are designed to introduce students to the key features of each topic. Students have an opportunity to demonstrate their knowledge in problem sets that apply, extend and develop further the models covered in these workshops. Seminar component of the workshops provide a forum to discuss students' work, to raise open questions and to develop models further.
| Definitive UNISTATS Category | Indicative Description | Hours |
|---|---|---|
| Scheduled learning and teaching | Workshop | 44 |
| Guided independent study | Preparation of problem sets and essays | 256 |
| Total (number of credits x 10) | 300 | |
Problem sets and essays provide formative and summative assessments of the learning outcomes. The problem sets are intended to motivate students' continuous attention to the intended learning outcomes and to increase the breadth of assessed topics. They may be supplemented by presentations that are formatively assessed.
| Learning Outcome | Assessment Strategy |
|---|---|
| Describe the major alternative paradigms of political economy | Essay, problem sets |
| Discuss the key assumptions, concepts and methods of each of these paradigms | Essay, problem sets |
| Derive the policy implications and societal visions embodied in these paradigms | Essay, problem sets |
| Analyse the short-run and long-run behavior of capitalist economies from a political economy perspective | Essay, problem sets |
| Description of Assessment | Definitive UNISTATS Categories | Percentage |
|---|---|---|
| Coursework | Problem sets | 20 |
| Coursework | Portfolio of essays | 80 |
| Total (to equal 100%) | 100% | |
It IS NOT a requirement that any major assessment category is passed separately in order to achieve an overall pass for the module.
Caporaso, J, Levine, D. (1992) Theories of Political Economy. Cambridge University Press
Hein E. and Stockhammer E. (2011) A Modern Guide To Keynesian Macroeconomics And Economic Policies. Cheltenham: Edward Elgar
Kalecki, M. (1965) Theory of Economic Dynamics. New York: Monthly Review Press
Marx, K. (1976) [1867] Capital. A Critique of Political Economy Volume One. London: Penguin Books
Keynes, J. (1936) General Theory of employment, interest and money
Bhaduri, A., Marglin, S., (1990) 'Unemployment and the real wage: the economic basis for contesting political ideologies', Cambridge Journal of Economics 14 (4) pp. 375-93
Bowles S, Gordon D, Weisskopf T E, (1986) 'Power and Profits: The Social Structure of Accumulation and the Profitability of the Postwar US Economy', Review of Radical Political Economics, 18 (1&2), pp. 132-167
Dutt, A. (1990) Growth, distribution, and uneven development. Cambridge: Cambridge University Press
Kaldor, N. (1956) 'Alternative Theories of Distribution', Review of Economic Studies 23, 2: 83-100
King, J. (2002) A History of Post Keynesian Economics since 1936. Edward Elgar
Lavoie, M. (1992) Foundations of Post-Keynesian Economic Analysis. Aldershot: Eduard Elgar
Marglin, S. (1984) Growth, Distribution, and Prices. Cambridge, MA: Harvard University Press
Pollin, R. (1998) 'The "Reserve Army of Labor" and the "Natural Rate of Unemployment": Can Marx, Kalecki, Friedman, and Wall Street All Be Wrong?', Review of Radical Political Economics 30, (3), pp. 1-13
Taylor, L. (2004) Reconstructing Macroeconomics. Structuralist Proposals and critiques of the Mainstream. Cambridge, Mass: Harvard University Press